October 16, 2014 9:00am

New York, NY-(ACCESSWIRE)-SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has initiated coverage on Latitude 360 Inc. (OTCQB: LATX). LATX is a full-service upscale casual dining restaurant and entertainment company which develops and operates 50,000 to 70,000 sq ft premier, award-winning restaurant/entertainment venues. LATX currently operates three locations in Jacksonville, FL, Pittsburgh, PA and Indianapolis, IN with 500 employees

“Latitude 360 is a compelling combination of restaurant and entertainment, focused on delivering quality food and diverse entertainment,” stated Ajay Tandon, CEO of SeeThruEquity. “The company is planning to launch two new venues in the near term and scaling to 15 locations by 2017. We are initiating coverage with a target price of $2.70.”

Additional investment highlights are as follows:

360 Experience presents a Unique Opportunity in a Growing Market
The Latitude 360 venues combine a range of food and beverage services with multiple entertainment options in an upscale and contemporary environment. A typical venue houses the 360 Grill & Bar (casual and contemporary restaurant), The Lanes (luxury bowling), The Cinegrille (dine-in movie experience), Gameroom (arcade, video games), Latitude LIVE (live events, comedy club etc.), HD Sports Theater, The Axis bar & Stage and Latitude Lit (cigar lounge). With venues located in upscale entertainment, dining and shopping destinations, this business model helps attract consumers across all age-groups and presents a unique opportunity for capturing a larger wallet share of the entertainment and dining spending of potential consumers.

Group Bookings & Loyalty Programs drive recurring revenues
The company has a strong focus on group sales as it believes these create a ripple effect acting as catalysts for repeat visitations by showcasing the multiple dining and entertainment options for first time guests. It employs a Director at each location to promote corporate events, social gatherings and birthday parties. The company boasts having hosted over 8,600 group events and 400 corporates including Bank of America, AT&T, Cisco, Pfizer and IBM. The company derived 20% if its 2013 revenues from group sales which it estimates will grow 40% during 2014. The company’s new membership and loyalty program has been an instant hit garnering 740 paid card subscriptions, translating into ~$260,000 in annualized revenues, within two months of launch. During July/August-2014 the company reported same-store sales growth of 7.7% y-o-y, among the highest in the industry.

New Venue Launches – Albany, NY (4Q14) & Minneapolis, MN (1Q15)
Latitude 360 is scheduled to open its next location in Albany, NY in 4Q14. Located at Crossgates Mall, which receives 20 million visitors annually and is rated ‘The Most Visited Shopping Malls in America’, the venue will benefit from the upscale traffic and high footfalls. The company’s fifth venue is scheduled to be opened during 1Q2015 at The Shops at West End Retail Center in an affluent Minneapolis Suburb. The venues are strategically located in upscale established entertainment destination with high footfalls which we believe will enable the company attract visitors and build up a loyal customer base in relatively short time. We are building in revenues of $51mn in 2015E.

Aggressive Growth Plans backed by Financing Partnerships
The management has an aggressive growth agenda with plans to scale to 15 locations across “A” cities by 2017E and is also exploring international locations in UAE, Qatar, Brazil and China. The company has been successful in securing construction funding from both developers – Duke Realty Inc. (DRE) for the Minneapolis venue construction, and from REITs – EPR Properties (EPR) for owning and leasing out its Jacksonville and Indianapolis properties. We believe this represents a strong confidence in the company’s business model and provides comfort on the successful execution of its future growth plans.

The report is available here: LATX Initiation Report. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms.

Please review important disclosures on our website at www.seethruequity.com.

About Latitude 360 Inc.
Latitude 360 Inc, formerly Kingdom Koncrete, Inc., is a combination restaurant and entertainment venue serving all age-groups in the upscale segment. The Company develops, constructs and operates 35,000 to 85,000 square foot premier Latitude 360 restaurant/entertainment venues and currently operates in Jacksonville, Pittsburgh and Indianapolis. It is scheduled to launch two new venues at Crossgates Mall in Albany, NY during 4Q14 and at West End Shops in Minneapolis, MN.

About SeeThruEquity

SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks, and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.

For more information visit www.seethruequity.com.


Ajay Tandon
(646) 495-0939

See www.seethruequity.com for important disclosures.